Singapore’s biggest bank reports a tenfold increase in crypto value in the first quarter of 2021.

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DBS Bank CEO Piyush Gupta reported that the bank’s exchange has planned a token offering for the second quarter.

DBS Bank, Singapore’s largest retail and commercial bank, has released its first-quarter financial results following the December 2020 introduction of its institutional cryptocurrency exchange.

DBS’s chief financial officer, Chng Sok Hui, reported that the bank’s quarterly nett profit reached $2 billion for the first time in history, more than doubling from the previous year.

According to DBS CEO Piyush Gupta, the bank’s recently introduced crypto platform, DBS Digital Exchange, played a major role in the bank’s current achievement, as the platform saw a tenfold spike in daily trading volumes, touching $30 million to $40 million.

The CEO revealed further plans for the recently introduced crypto exchange, including the company’s first security token sale, which is set to take place in the second quarter of 2021.

Gupta also listed the company’s partnership with JPMorgan Chase and Temasek, two Singaporean state investment firms, to launch a new blockchain initiative focusing on global interbank transactions.

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“Blockchain can change the paradigm. Money can be converted into digitized form that has been cleared, which can be sent across for settlement as quickly as the written message,” the CEO stated.

According to Gupta, DBS and JPMorgan’s blockchain-powered cross-border transfers would include experiments for the Singapore dollar and the US dollar. “We are actively bringing in other banks so that currencies such as the euro, sterling, and renminbi can become part of the system.” And if we can achieve so, we can be an integral part of a game-changing payment infrastructure,” he said.

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